21st Nov 2022 14:05
(Alliance News) - Rockfire Resources PLC on Monday said drilling has begun at Molaoi, its fully owned zinc, silver, lead and germanium deposit in Greece.
The London-based gold and base metal exploration company said an initial 4 holes, for a total of 840 metres, will be drilled within the main mineral resource of 2.3 million tonnes at 11% zinc equivalent.
The average depth of drilling is 210 metres deep, with the deepest hole planned to reach 270 metres below the surface.
The first geotechnical holes are designed to confirm correlation with previous assay results, and to gather geotechnical orientation and structural data to refine the interpretation of the orebody at Molaoi.
They will be used to obtain core for compressive strength tests, which help to inform mining engineers of rock strengths when loads are applied and reduced in an actual mining scenario.
Rockfire expects to follow up with more holes following initial drilling, in order to collect geotechnical information throughout the entire resource and beyond.
"Management is delighted that drilling has now commenced. The achievement of our team in Greece is remarkable. Since winning the international tender for Molaoi in March this year, our talented team in Greece has applied for (and been granted) initial drilling permits, has located and unearthed the portal to the underground mine, and has prepared for and executed a seamless start to drilling," said Chief Executive Officer David Price.
"We are optimistic for our maiden drilling campaign and continue to forge ahead towards early production. As part of the process to reach commercial extraction, the geotechnical tests for which this core will be used, form a critical stepping-stone on the path to feasibility."
Rockfire shares were trading 1.0% higher at 0.15 pence each in London on Monday afternoon.
By Holly Beveridge; [email protected]
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